CONTENTS OF PLAN OF OPERATION

(a) Subject to the requirements of this chapter, a pool's plan of operation must include: (1) the organizational structure of the pool, including: (A) the number of regular board members; (B) the method of selecting the board members; (C) the board's method of procedure and operation; and (D) a summary of the method for managing and operating the pool; (2) a description of the fees, contributions, or financial arrangements necessary to cover the initial expenses of the pool and estimates, supported by statistical data, of the amounts of those fees, contributions, or other financial arrangements; (3) underwriting guidelines and procedures for evaluating risks; (4) procedures for purchasing reinsurance; (5) methods, procedures, and guidelines for establishing: (A) premium rates for pool coverage; and (B) pool coverage limits; (6) procedures for processing and paying claims; (7) methods and procedures for defraying losses and expenses of the pool; (8) methods, procedures, and guidelines for managing and investing the money in the fund created for the pool; (9) minimum capital and surplus to be maintained by the pool; and (10) minimum standards for reserve requirements for the pool. (b) The plan of operation may include any matter relating to the organization and operation of the pool and the pool's finances.